Webcast on IFRS 17: Recognising the contractual service margin in profit or loss
On 9 March 2018, the International Financial Reporting Standards (IFRS) staff has presented a webcast on IFRS 17 Insurance Contracts that provides a basic overview of recognising the contractual service margin in profit or loss. This webcast is part of a webcast...
List of Singapore’s double tax agreements (DTAs), Limited Treaties and EOI Arrangements
The DTAs, Limited Treaties and EOI Arrangements concluded by Singapore are available in PDF at the IRAS website. The agreements which are signed do not have the force of law has yet ratified. Singapore signed the OECD Convention on Mutual Administrative Assistance in...
Income Tax (Transfer Pricing Documentation) Rules 2018
The Income Tax (Transfer Pricing Documentation) Rules 2018 (S 93/2018) made on 21 February 2018, outline the requirements under section 34F(3) of the Singapore Income Tax Act in preparing transfer pricing documentation by an applicable entity with a related party in a...
Stamp Duty: Buyer’s Stamp Duty on Residential and Non-Residential Properties
The Finance Minister in his Budget Statement 2018 has announced changes to the tax rate for buyers stamp duty for acquisitions of residential properties in Singapore. The buyer's stamp duty (BSD) is payable on the acquisition of immovable properties, based on the...
IRAS Public Consultation on Draft GST Guide – Taxing imported services
IRAS is seeking public consultations with respect to taxing imported services by way of a reverse charge following the 2018 Budget announcement. It has issued the following two draft e-Tax guides: GST: Taxing imported services by way of reverse charge — This relates...
Singapore GST to be raised to 9% between 2021 and 2025
The Finance Minister has announced in his 2018 Budget on 19 February 2018 that the government plans to increase the GST rate by 2%, from 7% to 9%, sometime in the periods of 2021 to 2025. The exact timing for the increase will depend on the state of the economy,...
Financial Instruments (Part 3): FRS 109 Tax Treatment
OVERVIEW OF FRS 109 Classification and Measurement of Financial Instruments (a) Financial assets are measured at their fair value at initial recognition, and subsequently measured at amortised cost (using the effective interest method), FVOCI or FVTPL. Fair value...
Income Tax Treatment arising from adoption of FRS 115
The Accounting Standards Council issued Financial Reporting Standard (FRS) 115 Revenue from Contracts with Customers on 19 Nov 2014. FRS 115 applies to contracts which an entity has with its customers. It is effective from annual periods beginning on or after 1...
IFRS 17 and the One-Page Accounting Model Summary
The International Financial Reporting Standards (IFRS) has issued a simple one-page summary of the accounting model in IFRS 17 Insurance Contracts on 19 January 2018. The summary provides simple yet sufficient information to help the stakeholders to understand the...
FRS 109 and FRS 115 Are Now Effective
FRS 109 and FRS 115 are effective for reporting periods starting on or after 1 January 2018 with early application permitted. (1) FRS 109 Financial Instruments FRS 109 Financial Instruments replaces FRS 39 Financial Instruments: Recognition and Measurement. FRS 109...